Cointelegrats
LAPD recovers $2.7M worth of Bitcoin miners stolen in airport heist
The Los Angeles Police Department has recovered $2.7 million worth of Bitcoin mining machines it alleges were stolen by a crime ring in a heist at the city’s airport. The LAPD said on April 22 that detectives from its Cargo Theft Unit, along with the city’s Port Police, the railroad-based Union Pacific Police, and the city’s Airport Police, arrested Oscar David Borrero-Manchola and Yonaiker Rafael Martinez-Ramos over the thefts. Authorities claimed the pair are “prominent members” of a South American crime ring tied to the theft and sale of stolen goods in and around Los Angeles. The LAPD said searches of storage unit facilities in the San Fernando Valley, northeast of downtown Los Angeles, recovered $4 million worth of stolen goods, including the Bitcoin (BTC) mining rigs taken from Los Angeles International Airport “as the shipment was about to be loaded onto a plane headed to Hong Kong.” Detectives also found and seized over $1.2 million in allegedly stolen tequila, clothing, shoes, speakers, coffee, body wash, and pet food. Some of the allegedly stolen products were found at a storage facility in downtown Los Angeles. Source: Los Angeles Police DepartmentBorrero-Manchola and Martinez-Ramos were booked at Van Nuys Jail in the city’s northwest. Borrero-Manchola was cited for receiving stolen property and was released, while Martinez-Ramos was arrested on a no-bail warrant. The LAPD said that “the investigation remains ongoing, and additional arrests may follow.” Crypto mining rigs fetch top dollar The LAPD didn’t share the number of machines it seized or what model the rigs are, but a typical, current-model Bitcoin mining machine sells for between $3,000 to over $5,000. Related: Americans lost $9.3B to crypto fraud in 2024 — FBI US law enforcement has recovered stolen crypto mining rigs in the past. In July, the LAPD said it arrested a man it alleged was in possession of stolen Bitcoin mining rigs worth $579,000, seizing them from a cargo van and storage unit. LAPD detectives arrested Bryan Thola, alleging his van contained stolen Bitcoin miners. Source: Los Angeles Police DepartmentOne of the largest thefts of Bitcoin mining rigs happened in late 2017 and early 2018 in Iceland, where a group robbed data centers to make off with over 600 machines. The rigs reportedly ended up in China, as just three months after they were stolen, Chinese authorities seized a similar number and model of mining rigs in Tianjin, a city southeast of the capital, Beijing. Magazine: How Chinese traders and miners get around China’s crypto ban
Published on 4/24/2025 at 2:40:51 AM
CoinTelegraph
Strike’s Mallers to head firm seeking superior Bitcoin play to MSTR
Twenty One Capital, a new Bitcoin treasury company led by Strike founder Jack Mallers with the support of Tether, SoftBank and Cantor Fitzgerald, is looking to supplant Michael Saylor’s Strategy to become the “superior vehicle for investors seeking capital-efficient Bitcoin exposure.” Twenty One revealed it plans to launch with 42,000 Bitcoin (BTC) (worth $3.9 billion) with roughly 23,950 BTC coming from Tether, 10,500 BTC from Softbank and 7,000 BTC from Bitfinex, which will be converted into equity at $10 per share, according to an April 23 statement. The firm is seeking a public listing via a blank-check merger with Cantor Equity Partners and will trade under the ticker XXI on the Nasdaq once it finalizes an agreement with investors to raise $585 million through convertible bonds and equity financing. “Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time. We’re not here to beat the market, we’re here to build a new one,” said Mallers, the founder and CEO of Bitcoin payments-focused firm Strike. “A public stock, built by Bitcoiners, for Bitcoiners.” Twenty One specifically compared its business model to Strategy’s in an investor presentation to the US Securities and Exchange Commission, claiming it is potentially a “superior vehicle for investors seeking capital-efficient Bitcoin exposure.” It claimed that Strategy’s ability to create shareholder value through future Bitcoin purchases will be limited because the firm — which holds 534,741 BTC — would need to make even larger investments to increase its Bitcoin Per Share, or BPS, thus diminishing the per-share dollar impact of future capital deployments. Twenty One said it would be a more “pure play” for investors seeking Bitcoin exposure with Bitcoin-native operations and more “flexibility” for strategic capital raises. Twenty One Capital’s comparison of its Bitcoin treasury plan with that of Strategy’s. Source: SECA launch of 42,000 Bitcoin would make Twenty One the third-largest corporate Bitcoin holder, trailing only Strategy and Bitcoin mining firm MARA Holdings, which holds 47,600 BTC, according to BitcoinTreasuries.NET data. Twenty One plans to do more than just stack Bitcoin Twenty One also intends to build out several Bitcoin-focused offerings, including Bitcoin debt and equity products, an advisory service, a lending platform and an educational platform. “Twenty One’s mission will be to accelerate Bitcoin adoption and Bitcoin literacy at both institutional and retail levels,” the firm said. Related: Bitcoin ETF inflows top 500 times 2025 average in 'significant deviation' The firm will also partner with industry players to host Bitcoin conferences. Twenty One Capital’s three-stage business plan. Source: SECThe news sparked a massive 54.2% price rally in Cantor Equity Partners (CEP) shares to $16.50 on April 23 and has risen another 25.1% in after-hours, Google Finance data shows. CEP will convert to XXI once the $585 million agreement is completed. The venture strengthens Tether’s ties with Cantor, which manages US Treasury reserves backing Tether’s USDT, which boasts a market cap of $145.3 billion. Cantor also owns a 5% stake in the stablecoin issuer. Twenty One will be majority-owned by Tether and crypto exchange Bitfinex, while Japanese investment holding firm SoftBank will own a “significant” minority share. Magazine: Ethereum maxis should become ‘assholes’ to win TradFi tokenization race
Published on 4/24/2025 at 1:10:45 AM
CoinTelegraph
Americans lost $9.3B to crypto fraud in 2024 — FBI
The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) has released its annual report detailing complaints and losses due to scams and fraud involving cryptocurrency in 2024. According to the report released on April 23, the IC3 received more than 140,000 complaints referencing cryptocurrency in 2024, resulting in roughly $9.3 billion in losses. The bureau reported that individuals over the age of 60 had been the most affected by crypto-related fraud, with roughly 33,000 complaints and $2.8 billion in losses. Source: FBI“Last year saw a new record for losses reported to IC3, totaling a staggering $16.6 billion,” said the report. “Fraud represented the bulk of reported losses in 2024, and ransomware was again the most pervasive threat to critical infrastructure, with complaints rising 9% from 2023," notes the report, adding that, as a group, those over the age of 60 suffered the most losses and submitted the most complaints. The report added that the resultant losses had increased roughly 66% since 2023, from roughly $5.6 billion to $9.3 billion. The most significant percentage of losses occurred due to crypto investment schemes, while the largest number of complaints related to “sextortion” schemes, in which fraudsters manipulated photos and videos to create explicit content. Other scams included schemes involving the use of crypto ATMs or kiosks. Related: Crypto scam uses trade war fears to lure victims, Canadian watchdogs warn In February, the FBI reported its “Operation Level Up” had saved potential victims of crypto fraud roughly $285 million between January 2024 and January 2025. However, blockchain analytics firm Chainalysis speculated that 2025 could see the largest number of scams to date, given that generative AI is making the practice “more scalable and affordable for bad actors to conduct.” Globally, Chainalysis estimated that there had been roughly $41 billion in illicit crypto volume in 2024, with roughly 25% of the funds involved with “hacking, extortion, trafficking, or scams.” Some of the most high-profile crimes included the $1.4 billion in crypto stolen from the Bybit exchange in March and North Korean hackers taking more than $1.3 billion. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Published on 4/23/2025 at 11:25:00 PM
CoinTelegraph
Sovereign wealth funds piling into BTC as retail exits — Coinbase exec
Sovereign wealth funds and other institutions were accumulating Bitcoin (BTC) during April 2025, while retail traders were exiting the markets via exchange-traded funds (ETFs) and spot markets, according to John D’Agostino, the head of strategy at Coinbase Institutional. During a recent appearance on CNBC, the Coinbase executive likened Bitcoin to gold and said that many institutional buyers bought BTC as a hedge against currency inflation and macroeconomic uncertainty. The Coinbase executive said: "Bitcoin is trading on its core characteristics, which again are similar to gold. You've got scarcity, immutability, and non-sovereign asset portability. So it's trading the way people who believe in Bitcoin would like it to trade." "When you do the work, there's a very short list of assets that mirror the characteristics of gold. Bitcoin is on that shortlist," the executive added. Governments and financial institutions are increasingly adopting Bitcoin to protect purchasing power and the value of their treasuries in the face of macroeconomic shocks and geopolitical tensions. Bitcoin recently broke back above the $90,000 level and has reclaimed its ‘decoupling’ narrative. Source: CoinMarketCapRelated: Bitcoin holders back in profit as new capital enters the market — Is $100K BTC price next? Institutions adopting Bitcoin reserve strategies to combat inflation Sovereign countries like El Salvador and Bhutan have adopted national Bitcoin reserves and actively purchase Bitcoin for their reserves. Municipalities and state governments have also adopted pro-Bitcoin policies and proposed legislation to accumulate Bitcoin to protect the purchasing power of treasuries from depreciating fiat currencies. Michael Saylor and Strategy, formerly known as MicroStrategy, popularized the corporate Bitcoin treasury concept now adopted by a growing list of companies, including MARA, MetaPlanet, and Semler Scientific. The executive also transformed the business software and intelligence company into a Bitcoin holding firm, akin to a BTC hedge fund. On April 20, Saylor announced that over 13,000 institutions have direct exposure to Strategy, while an estimated 55 million beneficiaries have indirect financial exposure to the company. Bitcoin recently surpassed Google in market capitalization, making Bitcoin one of the top five assets in the world, ranking above Amazon and Silver and showcasing the supply-capped digital asset's meteoric growth since 2009. Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express
Published on 4/23/2025 at 11:05:00 PM
CoinTelegraph
US President’s planned dinner for TRUMP memecoin holders triggers 52% price surge — Will it last?
Official Trump (TRUMP) jumped 52% on April 23 after the announcement of an exclusive in-person dinner for the top tokenholders with US President Donald Trump. For some crypto advocates, this marks the end of the bear market, especially as Bitcoin (BTC) bounced back above $93,000, but others raise suspicions on how sustainable the TRUMP memecoin rally really is. From a purely performance perspective, the Official Trump (TRUMP) memecoin has been a disappointment. After soaring above $75 on launch day, its gains quickly disappeared as investors noticed the high concentration of tokens and the short-term vesting period. At first sight, it is difficult to justify TRUMP’s current market capitalization of $2.6 billion, given that 80% of the supply was allocated to founders and entities controlled by Trump. Official Trump (TRUMP) market capitalization, USD. Source: CoinMarketCapFor comparison, well-established projects such as Arbitrum (ARB), Jupiter (JUP), and Maker (MKR) hold a capitalization below $1.6 billion. Those token valuations derive from buybacks using treasury reserves or direct benefits in staking and DeFi mechanisms. For instance, Arbitrum, a leading Ethereum layer-2 scaling solution, holds $2.4 billion in Total Value Locked (TVL). Jupiter, the leading decentralized exchange (DEX) on Solana, boasts $2.3 billion in deposits and has accrued $76.6 million in fees over the past 30 days, according to DefiLlama data. Meanwhile, Sky (formerly Maker), the project behind the extremely successful DAI stablecoin, holds $5.9 billion TVL and $28.6 million in 30-day fees. TRUMP still ranks in the top 10 for trading activity Besides being listed on major exchanges, including Binance, Bybit, OKX, Coinbase, Upbit, and Kraken, and often promoted on social media by Trump, the memecoin holds an impressive share in derivatives markets. Notably, its futures open interest stands at $700 million, a top-10 overall. TRUMP futures aggregate open interest, USD. Source: CoinGlassEstablished projects with market capitalizations over $6 billion, such as Chainlink (LINK), Litecoin (LTC), and Polkadot (DOT) have smaller futures open interest than TRUMP. Still, while demand for futures markets allows larger traders to take part in the action, it does not necessarily imply optimism as longs (buyers) and shorts (sellers) are matched at all times. Even though TRUMP is currently trading 84% below its all-time high, it remains a top-10 token in terms of volume. In fact, excluding the stablecoins, only 4 cryptocurrencies surpassed TRUMP’s impressive $3.84 billion 24-hour turnover, according to CoinGecko data. 24-hour USD trading volume ranking. Source: CoinGlass / CointelegraphDespite the huge trading activity, a single promotional event with US President Trump is unlikely to create lasting demand for the TRUMP memecoin, putting the current $13.50 price tag in check. Unless the project eases investors’ concerns about token unlocks, there is hardly a way to justify the 50% premium versus cryptocurrencies that offer utility and perspectives of growth. It is worth noting that Shiba Inu (SHIB), another memecoin with no real utility, presently trades at a $8 billion market capitalization, hence one could easily argue that a token officially supported by the sitting US President is worth far more, paving the way for $30 or higher price targets for TRUMP. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Published on 4/23/2025 at 10:58:18 PM
CoinTelegraph
Traders pour into leveraged ETFs, gold in bid to weather volatility — Bloomberg
Traders are embracing diametrically opposed exchange-traded fund (ETF) strategies in a bid to navigate one of the most unpredictable financial markets in recent history, according to data from Bloomberg Intelligence. The year-to-date has seen record inflows to ETFs providing leveraged long exposure to volatile assets such as stocks and cryptocurrencies, as well as funds holding risk-off assets such as cash and gold, the data shows. “[T]here's basically record flows going into leveraged long ETFs but also cash and gold ETFs as people buy the dip and hedge the dip at the same time. May the best degen win!,” Bloomberg Intelligence analyst Eric Balchunas said in an April 23 post on the X platform. Leveraged ETFs are funds that aim to multiply the daily performance of assets like stocks or crypto, often by two or three times. In 2025, leveraged long ETFs attracted net inflows of roughly $6 billion, according to Bloomberg Intelligence. Meanwhile, inflows into cash and gold funds approached roughly $4 billion. Net inflows into leveraged long ETFs and cash and fold ETFs. Source: Bloomberg IntelligenceDigital gold? The record fund flows come amid a spike in market turbulence after US President Donald Trump announced plans for sweeping tariffs on US imports on April 2. Since then, the S&P 500, an index of large US stocks, has shed roughly 5% of its value, according to data from Google Finance. Bitcoin (BTC), meanwhile, has been comparatively resilient. On April 22, the cryptocurrency’s spot price reclaimed $90,000 per coin for the first time in six weeks, with Bitcoin ETFs clocking nearly $1 billion in net inflows. The cryptocurrency trades above $93,000 as of April 23, according to data from Google Finance. “Even in the wake of recent tariff announcements, BTC has shown some signs of resilience, holding steady or rebounding on days when traditional risk assets faltered,” Binance, the world’s largest cryptocurrency exchange, said in an April research report. Bitcoin has often been referred to as “digital gold” but the cryptocurrency still has a weak correlation to the safe haven asset and trades more in line with equities, Binance said. Its correlation with gold has averaged around 0.12 over the past 90 days, versus 0.32 for equities. “The key question is whether BTC can return to its long-term pattern of low correlation with equities,” noted the report, adding that gold is still a preferred safe-haven asset for most investors. Meanwhile, cryptocurrency exchanges are profiting off of rising volatility by doubling down on financial derivatives, such as futures. In April, net open interest in Bitcoin futures increased by upward of 30%, to approximately $28 billion, according to data from Coinalyze. Magazine: What are native rollups? Full guide to Ethereum’s latest innovation
Published on 4/23/2025 at 10:45:00 PM
CoinTelegraph
SOL Strategies raises $500M in convertible notes issuance to buy Solana tokens
SOL Strategies, a Canadian investment company, issued $500 million in convertible notes to buy and stake in Solana (SOL) tokens. The $500 million issuance was made to a singular investor, ATW Partners, a New York-based investment firm. The company provides growth equity and structured capital to companies across public and private markets, a spokesperson for SOL Strategies told Cointelegraph. A spokesperson for SOL Strategies said the company is focused on building institutional-grade infrastructure for Solana, rather than reacting to short-term price volatility. According to an April 23 announcement, the yield generated from staking will accrue back to both SOL Strategies and ATW Partners. SOL Strategies is a publicly traded company listed on the Canadian Securities Exchange. Its share price has risen 25.3% on the day, according to Google Finance. Related: Astra Fintech commits $100M for Solana growth in Asia SOL Strategies’ share price movement. Source: Google Finance“This investment represents significant institutional confidence in Solana's long-term potential,” the spokesperson said. “From an ecosystem perspective, we expect several positive impacts. First, by increasing our validator network's stake, we'll contribute to greater network security and decentralization.” According to StockAnalysis.com, SOL Strategies posted CAD$10.62 million ($7.65 million) in revenue for 2024, a positive turnaround of CAD$15.65 million ($11.27 million) from 2023, when the company posted a loss. Related: Debate as Solana briefly flips Ethereum in staking market cap Companies move into Solana SOL Strategies becomes the second publicly traded company to announce a capital raise aimed at purchasing SOL. On April 21, Upexi disclosed a $100 million raise aimed at building a SOL reserve. The DeFi Development Corporation (formerly Janover) also recently announced a $42 million raise and plans to create a Solana reserve treasury. Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
Published on 4/23/2025 at 10:10:00 PM
CoinTelegraph
Here’s what happened in crypto today
Today in crypto, US President Donald Trump is hosting a dinner for top holders of his memecoin. Gaming giant Ubisoft has teamed up with Immutable to launch a blockchain-based strategy card game, and Trump Media has finalized its ETF partnership with Crypto.com. Top TRUMP tokenholders revealed? US President to host memecoin dinner Some of the top holders of Donald Trump’s memecoin could come out of the shadows to appear for a dinner the US President is planning to host on May 22. As of April 23, the official Trump memecoin (TRUMP) website offered the opportunity for the “top 220” holders to meet the president in person at his golf club in Washington, DC. At the time of publication, the guest list for the event was unclear, but the project stated any tokenholder who applied had to pass a background check, “can not be from a [Know Your Customer] watchlist country,” and could not have any additional guests. The memecoin, which the then-president-elect launched on Jan. 17 before taking office, has been heavily criticized by the crypto industry and lawmakers for potentially allowing foreign officials and interest groups to send money directly to the US President without proper disclosure and oversight. The team behind the project controls 80% of the total supply, while the identities of many of the other top tokenholders are mainly unknown. The price of the TRUMP memecoin surged roughly 52% from $9.30 to $14.20 shortly after the dinner announcement. After the token launched on Jan. 17, the project’s market capitalization increased to roughly $15 billion before dropping more than 50% by Jan. 20. Top TRUMP memecoin holders as of April 23. Source: TRUMP tokenUbisoft taps Immutable to launch Web3 card game “Might & Magic: Fates” Ubisoft has partnered with Immutable to launch a new Web3 card game. According to a news release shared with Cointelegraph, Might & Magic: Fates blends classic strategic gameplay with modern blockchain technology, offering players digital ownership through Immutable’s Web3 infrastructure. The game will launch on iOS and Android. The title introduces fresh mechanics, faction-based strategies and a wide array of legendary heroes and creatures. Players can collect, trade, and customize decks using hundreds of cards, crafting unique strategies in a competitive environment where success is driven by skill and tactical decision-making. Immutable co-founder Robbie Ferguson teases major announcement. Source: Robbie Ferguson“The game is free-to-play with no hard progression barriers. Players advance by collecting cards and in-game currency through gameplay,” Justin Hulog, chief studio officer for Immutable, told Cointelegraph. “Additionally, those looking to speed up their progression or acquire specific cards can do so through marketplaces,” Hulog said. He added that players will have the ability to trade the digital collectible cards they own using dedicated platforms. Trump Media inks deal with Crypto.com for crypto, “Made in America” ETFs US President Donald Trump’s company, Trump Media and Technology Group, signed a binding agreement with crypto exchange Crypto.com on April 22 to launch exchange-traded funds (ETFs) “with a Made in America focus.” Trump Media said the funds, set to go live later this year, will launch through its decentralized finance brand Truth.Fi and will be available through Crypto.com’s broker-dealer, Foris Capital. The company said the ETFs “are expected to comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy.” The finalization of the agreement follows Trump Media and Crypto.com signing a non-binding deal in March. The ETFs will be the latest crypto-related venture involving Trump or his family. The president has financial ties to the crypto platform World Liberty Financial, which has a token and plans for a stablecoin, and he and First Lady Melania Trump both launched memecoins days before entering office. President Trump’s sons, Eric Trump and Donald Trump Jr., have also gone in on a crypto mining venture called American Bitcoin.
Published on 4/23/2025 at 10:03:27 PM
CoinTelegraph
US exchanges bet big on crypto derivatives amid tariff turbulence
United States exchanges are betting big on cryptocurrency derivatives as market turbulence from US President Donald Trump’s looming trade war propels demand for the financial instruments. Since late 2024, exchanges including Coinbase, Robinhood, Kraken, and the Chicago Mercantile Exchange (CME) Group have been listing new types of crypto derivatives and mulling multibillion-dollar acquisitions as they vie for control of the burgeoning market. In April, the stakes became even higher after Trump’s unveiling of sweeping tariff plans sent financial markets into a frenzy and spiked crypto derivatives trading volumes. “Institutional and sophisticated retail traders are increasingly turning to crypto derivatives platforms to navigate macroeconomic risks and uncertainty brought on by escalated tariff policies and global trade tensions,” David Siemer, CEO of asset manager Wave Digital Assets, told Cointelegraph. Consequently, US exchanges are “experiencing record-breaking surges in trading activity and are expanding their investment offerings with the promise of regulatory clarity,” Siemer said. Net open interest in Bitcoin futures rose sharply in April. Source: CoinalyzeRelated: Coinbase launches CFTC-regulated SOL futures in US Trump spikes trading activity Crypto derivatives trading activity took off in 2024 after Trump’s November election victory sent exchange volumes to record highs. In December, Coinbase said trading activity on its derivatives exchange rose by more than 10,000% year-over-year. Similarly, CME Group flagged crypto derivatives as among the exchange’s fastest-growing product segments during its 2024 earnings call. Trump’s tariff plans, announced April 2, further accelerated trading activity. As of April 23, net open interest in Bitcoin (BTC) futures, the most popular crypto derivatives, rose by approximately 30% from the start of the month, according to data from Coinalyze. Futures contracts are standardized agreements to buy or sell an underlying asset at a future date, often using leverage in a bid to enhance returns. Kraken bought NinjaTrader in March. Source: KrakenHeated competition Burgeoning trading volumes are fueling competition among exchanges. Since February, Coinbase has launched several new crypto derivatives products, including futures contracts tied to altcoins such as Solana (SOL) and XRP (XRP). Meanwhile, Robinhood listed Bitcoin futures — its first crypto derivatives contracts — in February and, in March, CME Group listed its first Solana futures contracts. The CME SOL futures clocked upward of $12 billion in volume during the first day of trading, the exchange told Cointelegraph. Additionally, exchanges are turning to mergers and acquisitions to hasten growth. Coinbase is reportedly in talks to buy crypto derivatives exchange Deribit in a multibillion-dollar bid to expand its footprint in the market segment. In March, US crypto exchange Kraken agreed to buy NinjaTrader, a futures exchange, for $1.5 billion. “The recent wave of tariffs has transformed crypto derivatives exchanges into critical market infrastructure,” Nic Roberts-Huntley, CEO of Web3 developer Blueprint Finance, told Cointelegraph. “While traditional markets faltered under tariff pressures, derivatives platforms have inversely flourished, serving both as speculative venues and protective hedging mechanisms in a fragmenting global trade landscape,” Roberts-Huntley said. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Published on 4/23/2025 at 8:45:00 PM
CoinTelegraph
XRP futures open interest surges by 32% — Are traders bullish or bearish?
Key Takeaways: XRP has gained 25% since April 7, and its open interest has risen by 32%. Positive spot market activity contrasts with a neutral futures funding rate, highlighting a tug-of-war between traders. Analysts still have double-digit price targets for XRP. XRP's (XRP) price fell to a year-to-date low of $1.61 on April 7, but has gained 25% over the past two weeks as the broader crypto market recovered and XRP open interest surged. XRP futures open interest. Source: CoinGlassThe altcoin’s open interest surged 32% from $3.14 billion to $4.13 billion between April 21 and 23, signaling the return of derivatives traders. Futures OI increasing alongside the price indicates a bullish sentiment, but data from the Velo painted a different picture. Based on the negative aggregated premium on open interest, the XRP futures market continued to bid against an XRP price rise. The funding rate remained near 0, implying a neutral stance between the bulls and bears. XRP aggregated premium, spot tape and open interest chart. Source: VeloThe aggregated spot tape cumulative volume delta became positive in April. This indicator measures the net difference between aggressive buy and sell trades across various exchanges. When it turns green and rises above zero, it indicates increasing buying pressure, with market buy trades surpassing sell trades. Despite rising futures interest, the data suggests XRP’s price remains caught in a tug-of-war between bullish spot market activity and bearish perpetual futures. Related: Price predictions 4/23: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, AVAX, SUI Is XRP destined for double-digits? Following XRP’s price pump, Sistine Research, a crypto investment community, posted a bold prediction for XRP, forecasting a long-term target between $33 and $50. The prediction is based on a higher time frame (HTF) symmetrical triangle that mirrors 2017’s 2,600% rally. The platform suggested that an optimistic target may drive prices as high as $77-$100. XRP price target by Sistine Research. Source: X.comFor context, XRP is currently valued at $2.23 with a market cap of $131 billion. A $33 target increases the market cap to ~$2 trillion (1,400 %+), which is more than Bitcoin’s current market cap. From a lower-time frame (LTF) perspective, XRP shows an inverse head-and-shoulders pattern, which could potentially test the resistance range between $2.50 and $2.67. The resistance range also coincides with the Fibonacci extension levels drawn from the neckline's base to the head's lowest point. Although the relative strength index (RSI) is nearing overbought territory, suggesting a potential pause in price movement at the current range. XRP 4-hour chart. Source: Cointelegraph/TradingViewRelated: XRP Ledger Foundation spots ‘crypto stealing backdoor’ in code library This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published on 4/23/2025 at 8:41:13 PM
CoinTelegraph